Excerpts of Budget 2017 relevant to SMEs

Too busy to catch up with the full 2017 Budget Statement? Here are 9 key excerpts of the 2017 Budget that may be relevant to you as an SME

(1) Enhanced Career Support Programme (CSP)

The CSP provides wage support for employers to hire mature and retrenched, or long-term unemployed Singapore Citizen PMETs into mid-level PMET jobs. The CSP will be enhanced, for employers who hire mature PMETs, as well as to help more SMEs to qualify for the support.

To help SMEs build digital capabilities, the Info-communications Media Development Authority (IMDA) will work with SPRING and other sector lead agencies.

SMEs will get step-by-step advice on the technologies to use at each stage of their growth through the sectoral Industry Digital Plans.

SMEs will get in-person help at SME Centres and a new SME Technology Hub to be set up by IMDA. SMEs can approach business advisors at SME Centres for advice on off-the-shelf technology solutions that are pre-approved for funding support, or connect to Info-communications and Technology (ICT) vendors and consultants. The more digitally advanced firms can get specialist advice from the SME Technology Hub.

SMEs that are ready to pilot emerging ICT solutions can receive advice and funding support. The government will work with consortiums of large and small firms to help companies adopt impactful, interoperable ICT solutions, to level up whole sectors.

SMEs will be able to use pre-qualified solutions proven to be beneficial for SMEs and get dedicated advice in implementing impactful technologies as well as participate in pilot tech projects for emerging tech solutions. More details of SMEs Go Digital programme will be shared at the Ministry of

Communication (MCI) Committee of Supply (COS) speech in early March 2017. In the meantime, SMEs will continue to receive support through existing channels and solutions in our pre-qualified tech solution lists.

A*STAR will scale up its Operation and Technology Road-mapping initiative to help local firms develop strategic technology roadmaps that are aligned to their business goals and strategies. It will build up capacity to support 400 companies over the next four years, by partnering Trade Associations and Chambers such as the Singapore Manufacturing Federation and Singapore Precision Engineering and Technology Association.

To support Singapore-based firms to scale up and internationalise, the Government will set aside up to $600 million for the International Partnership Fund. The Fund will co-invest alongside Singapore-based firms in opportunities for scale-up and internationalisation, with a focus on Asian markets. Such joint investment would allow Singapore-based firms to partner other promising Asian companies to extend product lines, brands or value chains, or to gain access to markets, channels and technologies. Qualifying Singapore-based firms should be headquartered in Singapore with annual revenues of no higher than $800 million.

(7) SkillsFuture Leadership Development Initiative

Support for companies to groom Singaporean leaders by expanding leadership development programmes. This includes sending promising individuals on specialised courses and overseas postings. For a start, the programme will target to develop 800 potential leaders over the next three years.

Under the S$4.5 billion Industry Transformation Programme, roadmaps will be developed for 23 industries to address issues within each industry and deepen partnerships between Government, firms, industries, trade associations and chambers. Six has been launched so far, and the remaining 17(Including financial services) will be launched in FY2017.